Healthcare

A bipartisan bill to expand HSAs and get Americans moving again

The PHIT bill (H.R.1267 and S.482) is federal legislation that addresses the growing threat that physical inactivity poses to our nation by opening up options for how Americans can pay for exercise expenses.

It would allow any American to use pre-tax accounts, such as Health Savings Accounts and Flexible Spending Accounts, to pay for qualified fitness expenses. This would include youth sports fees, exercise equipment, health club membership, and other exercise costs.

That means people would be able to use their healthcare dollars for staying healthy and preventing costly illnesses in the first place. If passed, PHIT would enable Americans to use $1,000 pre-tax and families up to $2,000 each year for fitness activities. That’s a projected, and meaningful, savings of 20 to 30 percent on fitness costs annually.

Source: A bipartisan bill to expand HSAs and get Americans moving again

Dont you just love it? Every scheme in the book, every tax loophole and nothing to support any of this saving money or keeping you healthy or that anyone will follow through on any such activities to the extent they have any chance of impacting ones health status.

Go take a long walk every day … and pass by Dunkin Donuts, McDonalds or your local bar. 😏

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3 replies »

  1. Since it is the “rich” that takes advantage of the tax loopholes and save their money, the same “rich” that they want to tax more, they are going to let them use tax free HSA dollars to buy fitness equipment like a kayak or some other “boat”? Will this not also lower that revenue raised from taxing the “rich”?

    How about taxing gasoline excessively. It would force all Americans to drive less, maybe walk more to improve their health and help pay for road repair, not that roads would need being repaired since America will be driving less.

    But then we would put the auto workers out of work since nobody will be able to afford to drive and we will have to tax the “rich” to give welfare and healthcare to the unemployed. They are right, just give the “rich” another loophole and buy votes from everybody.

    I wonder if I could use my HSA money to buy $190 Nike Air Jordans sneakers. If I could only spend an extra $150 more, that would make me healthier because I would exercise more. I could jump up from the TV and run to the kitchen for a snack and run back before the 10 minutes of commercials are over. I would never be able to do that in just sneakers.

    Like

  2. Think of all the pre-tax dollars that could be used to buy stationary bikes and treadmills that are in everybody’s attic unless they have already been sold at yard sales. LOL

    Liked by 1 person

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